NAB have provided the following information and tips when completing a transfer as vendor or purchaser with them. Please let us know in the comments if this is helpful, and if there is further information you'd like added.

NAB Settlement Phone Line

If there is an issue with a digital settlement and it is:

Inconsistent with the checklist below

A breach of industry guidelines

OR it is an issue related to bank requirements for processing in the workspaceon day of settlement, please call the settlements booking line number:

It is recommended that you obtain a copy of the Discharge Authority and upload this into the PEXA Workspace as soon as possible as well

Note for Business Banking Customers: Please advise your customers to contact their respective NAB Business Banker to initiate the Sale request.

PEXA Invitation Request

Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement

Settlement days set shorter than 15 days may impact settlement times

Preferred Settlement times: (AEST/AEDT)

12pm – 2pm (Eastern States)

2pm - 4pm (Central & Western States)

NAB Payout Process

Final Payout Figures are confirmed on the morning of settlement by 10am (AEST/AEDT)

NAB will send a conversation on the morning of settlement to advise of any delays. Please do not escalate unless final payouts are not in the PEXA workspace post 10am the day of settlement

Note

NAB currently does not have service level agreements for indicative figures to be provided 2 days before settlement

Payout Figures added to a workspace are indicative until the financial settlement schedule has been signed off

Business Customers

Business Bankers must confirm payout figures on the morning of settlement which could delay final payout figures being added or finalised by 10am on the morning of settlement

Surplus Funds

NAB preference is for the practitioner to manage any surplus funds in PEXA

Transfer - Purchase (Incoming Mortgagee)

How to initiate a Purchase request:

To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.

Information required on a PEXA invitation:

When sending an invitation please include as much information about the customer as possible and as a minimum include the following:

Full name of the customer

Address of property

Application number/reference number

Note: NAB will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.

Preferred Settlement Times (AEST/AEDT)

12pm – 2pm (Eastern States)

2pm - 4pm (Central & Western States)

Transfer of Land (TOL)

Please ensure the TOL document is in a "prepared" status as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement to enable NAB to create and sign off on Mortgage

Total Funds Required for Settlement & Loan Proceeds

Please provide total funds required for settlement as soon as possible in a conversation or ideally 5 days prior to settlement or at least 2 business days prior to settlement to enable us confirm and finalise loan proceeds on the day of

TFR Required for NAB = Total settlement funds required. If you are contributing funds on behalf of the customer, NAB will subtract that from the total TFR amount

Adjustments to the financial schedule on the day of settlement will result in delays due to funds required to be reconfirmed prior to settlement

Business Customers

Business Bankers must confirm loan proceeds on the morning of settlement which could delay figures being added or finalised prior to settlement

NAB will send a conversation if the settlement time slot is missed to advise of any delays

Please leave a comment or question below if you have found this useful, or if you would like further information.

Hi Marcus,thanks for your question on NAB's preference for treatment of surplus funds.

NAB has received feedback from practitioners on this topic with the feedback we receive being we add complexity and confusion to a transfer workspace if we are chasing clarification of funds to balance a settlement workspace.

NAB would prefer to be responsible for providing the payout figure for our customers loans and for surplus amounts to be handled by the practitioner to enable a smoother process in the workspace for all parties. Verification of customer account numbers can still be completed by NAB if required via a conversation.

I am with Marcus Liley - Why is it the practitioners responsibility to upload surplus funds ??? NAB DA clearly asks the client which account they want surplus funds deposited into. Therefore the client is authorizing NAB to handle the surplus funds not the practitioner. If banks do not want to offer their clients this service they should remove it from their DA's. Also i do not understand why the banks are so reluctant to upload surplus funds as it is an opportunity for the bank to liaise with their clients to invest the funds, assist with another purchase or depositing the funds into a term deposit.

With due respect, Matt Kerr, I believe that the banks are reluctant to upload surplus funds due to liability and work loads it not about making the process smoother because if that was the case the bank would be uploading them.

I haven't had any problems with surplus funds. The Banks usually put in the payout figure on PEXA and I send a conversation letting them know they have authority to receive surplus funds and the amount for them to change the figure to include the surplus funds. Seems to work well. They would not know the exact figure for the surplus funds unless told by the solicitor or conveyancer.

Thanks for adding to the conversation and feedback on NAB's transfer checklist.

The thinking behind NAB's preference to not handle surplus funds is to reduce the amount of "balancing" of the workspace that the Bank needs to do in the lead up to settlement.

As we have certainty over the payout figure this can be loaded into the W/space the day before settlement and all parties are not relying on the Bank to balance the w/space via surplus after adjustments are made to the financial schedule. If the final surplus amount is known and it is being credited to a NAB account we will manage the surplus funds.

MattKerr it is the preference of the Conveyancer to have the NAB handle the surplus where the NAB have been instructed by the client to do so. It is not for a Conveyancer to take over this responsibility for NAB where the NAB have been instructed. This increases the risk of error. We are not able to verify the account details like you can.

We are doing everything we can to follow this list but repeatedly we have NAB signing off at literally the very last minute. This means we have to constantly keep checking the file to make sure it's all ok for the whole morning before settlement.

NAB is impossible to deal with on PEXA. Unless compelled I will be reverting to paper settlements where we know the financials more than 2 seconds before settlement and aren't required to beg the bank to do their job.

Our client's banker is requesting a copy of the proposed transfer of land before progressing the file. We have informed her , and so has our client, that the NAB has accepted our PEXA invitation, and can view the documentation in the workspace. We can't print one off, but believe we shouldn't have to, as the vendor's representative have not yet updated the future address for their client - because they don't have it yet.

The "Consumer Solutions" officer of the bank informs us that "I have checked with other officers, and we still need a copy of the draft transfer to proceed".